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Congo and Chinese partners finalize revised agreement for Sicomines copper-cobalt joint venture.

An agreement was signed between the Democratic Republic of Congo and Chinese investors, revising certain terms of their Sicomines copper and cobalt joint venture, as announced by Congo’s Infrastructure Minister, Alexis Gisaro Muvunyi.

President Felix Tshisekedi had initiated the renegotiation of the joint venture terms to secure greater benefits for Congo, which stands as the world’s leading cobalt producer.

As per the amended deal, China has committed to investing up to $7 billion in infrastructure projects within the central African nation, a notable increase from the initial $3 billion outlined in the original agreement. Additionally, both parties have settled on Chinese partners, namely Sinohydro and China Railway Group, paying Congo 1.2% of royalties annually while maintaining the existing shareholding structure.

Minister Muvunyi expressed satisfaction at the conclusion of several months of negotiations during the signing ceremony held in the capital Kinshasa, referring to it as a significant development.

It’s worth noting that Congo also ranks as the world’s third-largest copper producer and possesses substantial deposits of lithium, tin, tungsten, tantalum, and gold.

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